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June 29 To July 5, 2019 u Taxmann’s Corporate Professionals Today u Vol. 45 u 19India - Know
Your Budget..!!
“Kalangathu Kanda Vinaikkan Thulangkathu Thookkang Kadin-
thu Seyal”
(What clearly eye discerns as right, with steadfast will and
mind unslumbering, that should man fulfil - Thirukural) by Sri
P. Chidambaram, then Finance Minister, in his Budget Speech
on 28th February, 2013.Introduction
- Budget is an annual official Financial Statement by the
Government of India’s income from taxes and how it will
be going to spend it in a particular financial year, currently,
from April to March of the following year. Generally, two
months before the start of new financial year, the incumbent
Government presents before the Parliament its financial state-
ment consisting of the Receipts & Expenditures in the form
of ‘Union Budget’. As an exception, generally in its last term
or in fifth year, the out-going government usually presents
an Interim Budget instead of full one. Since 16th Lok Sabha
term came to end in May, 2019 the then Government has
presented its ‘Interim Budget’ on 1st February, 2019. It is
reported that the newly elected Central Government is going
to present a full budget for the Financial Year 2019-20 on 5th
July, 2019. Article 112 of the Constitution of India deals with
Annual Financial Statement of the Central Government. The
said Article mandates the Hon’ble President caused to be laid
before the both the Houses of the Parliament before giving
his Assent to the Finance Bill. India’s first pre-Independence
Budget goes back to 7th April, 1860 presented by then British
Finance Minister, Sri. James Wilson. Post-Independence first
Union Budget (in a strict sense that was the first ‘Interim
PRABHAKAR K.S.
Proprietor,
Shree Tax Chambers